Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT dismissed Revenue's appeal against CIT(A)'s order invalidating reassessment proceedings under s.147. AO had previously examined share premium issue during original scrutiny assessment under s.143(3) and determined s.56(2)(viib) inapplicable. Reopening was based on identical issues without fresh tangible material, constituting mere change of opinion. AO failed to consider material facts including financial statements, assessment queries, written replies, and High Court-approved amalgamation scheme. AO incorrectly stated assessee issued shares to amalgamating company when shares were issued to shareholders of amalgamating company. Reassessment invalid as initiated without new information and based solely on change of opinion.
ITAT dismissed Revenue's appeal against CIT(A)'s order invalidating reassessment proceedings under s.147. AO had previously examined share premium issue during original scrutiny assessment under s.143(3) and determined s.56(2)(viib) inapplicable. Reopening was based on identical issues without fresh tangible material, constituting mere change of opinion. AO failed to consider material facts including financial statements, assessment queries, written replies, and High Court-approved amalgamation scheme. AO incorrectly stated assessee issued shares to amalgamating company when shares were issued to shareholders of amalgamating company. Reassessment invalid as initiated without new information and based solely on change of opinion.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
